Cyprus, in an 11th-hour bid to unlock international aid, reopen the nation's banking system and preserve membership in the euro, readied a plan that would restructure its second-largest lender and enforce unprecedented restrictions on financial transactions.

The proposals, if they take effect, would allow authorities to restrict noncash transactions, curtail check cashing, limit withdrawals and even convert checking accounts into...

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Cyprus Preps Hail Mary Plan to Avoid Euro-Zone Break

Cyprus lawmakers are locked in an eleventh hour bid to prevent the collapse of the country's banking system, and a possible break from the Euro Zone. WSJ's Charles Forelle reports on The News Hub. Photo: Getty Images.